Accounting Report
Anyone considering accounting needs to assess whether this career fits his or her interests, abilities, and aspirations. There are certain qualities and qualifications, however, that a person should consider before making a commitment to a particular career field. Selecting a career can take a lot of time, and many people do not choose until they are adults. Contributing to the difficulty in choosing a career is the vast number of vocations from which to choose. The field of accounting alone covers dozens of types of accountants and dozens of jobs. In trying to decide whether accounting is an appropriate career choice, a person should talk with bookkeepers and accountants that have years of experience. Ask questions about their daily work requirements, their likes and dislikes about accounting, and how they became interested in the profession. Questions such as these can give a person insight into the profession and help in considering accounting as a career.
Accounting is a system used to provide financial information about a business or person. Accountants prepare and analyze financial records for individuals, companies, governments, or other organizations. Accounting is a basic need for every business, and the term business has been broadened to mean any operation that deals with money. That includes families and corporations, and also schools, theaters, art galleries, charitable organizations, and even some private persons. People sometimes call accounting “the language of business” because accounting data are used to detail firms activities. Accounting tells the history of a business or person in numbers.
Over one million people are employed as accountants, and most can be found in private business and industry. “Nearly 40 percent of all accountants are certified, and about 10 percent are self-employed’(Caruna, 1). In addition to openings resulting from growth, the need to replace accountants who retire or transfer to other occupations will produce thousands of job opening annually in this large occupation. The Occupational Outlook Handbook states that the expansion of accountants is related to: “increasingly complex taxation, growth in both the size and the number of business corporations required to release financial reports to stockholders, a more general use of accounting in the management of business, and outsourcing of a...
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...anning and control. “Other examples of consulting projects of CPA firms are: advising and developing a system for a stock exchange, assisting a new integrated financial management system for New York City, and helping several major railroads with resource planning” (Rosenthal, 22). A career in management consulting offers the opportunity to work with a company’s executives in applying the concepts of modern management and information technology.
The final level of entry into public accounting is entrepreneurial services. In the book Careers in Accounting, it says that working in the entrepreneurial field “is a fast-growing and dynamic area that has been formed in most large firms in the last few years” (5). The person working in this area deals with the special requirements of a startup or growing company. Professionals in this group are involved in counseling and advising the emerging or middle-market company that may lack the resources to successfully handle planning, cost control, attracting capital, going public, or choosing the right information system or compensation plan. Audit, tax, and management consulting skills are all used to fill the needs of an emerging business.
Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computer...
*"Accounting is a set of principles and procedures relating to the registration and compilation, analysis and interpretation of financial data for the purpose of determining the outcome of business and its financial position".
In the case of a private accountant the end of climbing the professional pyramid is at becoming the chief financial officer (CFO). Within a company, this is the most prominent position for a person of an accounting background and field. Prior to becoming a CFO, the private accountant must tackle the positions of control such as assistant controller and controlee. At the achievement of becoming a CFO, the accountant would take on the same responsibilities it once held but to a higher level. It is expected to take control of the companies’ entirety of accounting functions. For a private accountant to reach the level of CFO is quite an accomplishment, but this position bestowed by a small, low-key company does not appear as well on paper as the accomplishment of a public accountant who made a name for themselves.
Accounting is the pillar of every company to measure its growth, loss, revenue , capital, its really specify the real terms in foam of figures and sometimes in tables, in accounting there are certain rules are obtained to make more accuracy while playing with figures.
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.
For those who have spent any time in the accounting world, there is one common experience we all share. No, it is not the hours spent traversing through or the time drudging through the FASB codification; It is not the chuckles we get when we share accounting puns or the long hours we spend together on the front lines of public accounting busy season or industry accounting close outs. It’s the look; the look that we see on the faces of people who try to comprehend why anyone, in the right mind, would want to study accounting. It’s the feeling; the feeling you get when you hear “oh, you must be good at math,” “I hear accountants are boring,” or my personal favorite, “can you do my taxes for me?” As a student of accounting I’ve seen this look and heard these remarks enough times to hone in on my reasons for seeking a career in the accounting profession. There are many paths for someone in accounting, as I am working on forging my own, my next step is graduate school in pursuit the Master of Accountancy Degree at UTSA.
Accounting in business, follows a particular process either in small scale business or large scale businesses with step by step process. Here is the straight forward procedure of accounting to know the organization current situation.
Accounting itself is a system that people has been using for thousands of years, the system records financial information about a person or business, businesses use it in order to be able to keep and track their financial accounts and other financial information in a safe and efficient way. (Brooks, 2012)
Accounting can be called ‘the language of business’ but did you (this is a banned word)you know some accounting terms are extracted from Latin. The word ‘debit’ means ‘he owes’ in Latin, while ‘credit’ means ‘he trusts.’. The word ‘accountant’ is derived from the Latin ‘computare,’, which means ‘count.’. Technology has modernized so much over the years. It's hard to believe how accountants lived without it. While many feel that accountants and auditors should be able to do their jobs without additional technology, ultimately the use of technology is more beneficial to those with this career, along with their clients.
From the first tutorial, ‘Current Conceptions of Accounting’, we had already change our prediction on accounting professional. At the beginning, we through that accounting professional would be more formal and format. From what we have learnt from the first two semesters of accounting, we need to do everything under the current structure, standards, and regulations. Accounting is a tool and skill that help us to achieve our career successful. However, the first tutorial activity, which require us to bring up our view of ‘accounting, accountability, or an accountant’ from a lifestyle magazine. This activity make us found that accounting could be just next to us, not just in the career field, but also could find it anywhere in our life. This activity has open up our mind of accounting
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely
The career path of a typical public accountant consist of, working for any sized firm, ranging from a large, international accounting firm, to a small local accounting practice. Within the firm, you can work in area such as auditing, taxes and management consulting. A public accountant could also seek a job in industry, where there are careers in companies of all sizes, working in many areas such as financial accounting and reporting, management accounting, and cash management. Within government, a public accountant could forge a path to th...
Accounting aids the government and organisations in decision making for their financial stability. This numerical data helps solve real life problems and contributes to how the economy and businesses perform.
Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.
Background experience in auditing and finance can help a person acquire skills necessary to qualify for becoming a charte...